New York:, Jan. 31, 2023 (GLOBE NEWSWIRE) -- The Non-Emergency Medical Transportation Market is projected to be worth US$ 9438.17 Mn by 2022. The demand for non-emergency medical transportation is projected to grow at a CAGR of 9% to $22,343.58 million between 2022 and 2032 as more people turn to renewable energy sources.
A recent study by Persistence Market Research on the global non-emergency medical transportation market identifies an uptick in the frequency with which catastrophic accidents occur, the prevalence of chronic diseases among the general population, and the number of people over the age of 65 as the most important factors driving the market's growth. As a result, the non-emergency medical transportation market is anticipated to expand rapidly throughout the forecast time frame on account of the availability of superior medical reimbursement options.
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Seniors, people without driver's licenses or cars, and people with disabilities are just some of the people who benefit from NEMT services. One of the primary factors driving expansion in the global non-emergency medical transportation market is an increase in the number of people aged 65 and up in countries like Japan and Italy. Unexpectedly, NEMT is paid for by the U.S. government through the Medicaid program. Medical transportation in both directions is available to Medicaid cardholders. The ability to get to and from medical appointments on time, at a reduced cost, and with fewer missed appointments is greatly improved by a well-organized NEMT for the public.
Key Takeaways from the Non-Emergency Medical Transportation Market Study
- People use NEMT services to get to and from their regular doctors' appointments, which accounts for the second largest share of the market in 2022 in terms of revenue (25.78%) in the non-emergency medical transportation market.
- The testing/screening appointments subsegment is anticipated to expand at the fastest rate (5.6%) over the forecast period.
- Companies in the NEMT industry made a total of US$ 6267.25 more from customers aged 60 and up than any other age group.
- About 76% of the market is represented by people aged 60 or older.
- The demographic of people aged 60 or older is also predicted to demonstrate the highest growth rate, with a CAGR of 5.2%.
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Competitive Landscape for the Non-Emergency Medical Transportation Market
Companies in the non-emergency medical transportation industry are responding to rising demand by launching new products and expanding into new geographies through organic growth strategies. The market has seen inorganic growth tactics such as partnerships and collaborations. The key companies in the market have been able to build and strengthen their presence across the globe owing to these techniques. The company's customer base and product offering are both strengthened by the company's acquisitions, partnerships, and other expansion methods.
Key Companies-
- ABC Non-Emergency Medical Transportation, LLC
- MTM, Inc.
- AMR
- Xpress Transportation
- Southeastrans
- ModivCare
- Crothall Healthcare Inc.
- Elite Medical Transport
- Acadian Ambulance Service
- Ers Transition Limited
- Global Rescue LLC
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Recent developments in the Non-Emergency Medical Transportation Market industry
- To reach the yearly revenue goal of US$ 1 billion, MTM, Inc. bought out Veyo, a San Diego, California-based NEMT firm, in June 2022. Twenty million journeys per year are likely to be provided to 16 million people in 31 states and the District of Columbia.
- Modivcare Inc., a provider of healthcare technology solutions, acquired the WellRyde division of nuVizz, Inc. in June 2021. When it comes to Advanced Transportation Management Systems (ATMS) software, WellRyde is at the forefront of innovation, offering features like efficient routing, automatic trip assignment and billing, and real-time network monitoring. More than 1,200 transportation service providers use products from WellRyde.
- With a 14-year term beginning in April 2021, MTM, Inc. served the Washington metropolitan area's Medicaid and Intellectually and Developmentally Disabled (IDD) beneficiaries with high-quality NEMT services. The new deal between the District of Columbia and NEMT broker MTM is for one year with four one-year extensions.
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